Stock exchange

Investment portfolio

Investment portfolio: overall perspective

Corporación Financiera Alba manages an investment portfolio that includes both listed and unlisted companies. Excluding Verisure, Alba’s unlisted equity investments are made through Artá Capital, an investment firm controlled by Alba.

Listed equity investments

lba’s listed investees are all headquartered in Spain. However, Alba does not have any restriction from a geographical point of view and could, in the case it considered it appropriate, invest in a company established outside Spain.

Acerinox is one of the main stainless steel producers worldwide. Since its establishment, the company has carried out a constant investment program, developing in-house technological innovations that, in some cases, have become a milestone within the stainless steel technology.

The company has four flat product plants (Spain, United States, South Africa and Malaysia), three long product plants (Roldán and Inoxfil in Spain and NAS Long Products in the United States) and an extensive sales network, with warehouses and service centres in more than 35 countries.

The Company has a sales or manufacturing presence in more than 25 countries in Europe, North America, Asia and Africa through an extensive network of subsidiaries and brands, positioning itself as the world leader in the rice sector and the world’s second largest pasta manufacturer.

Viscofan is the world leader in artificial casings for meat products, being the only worldwide manufacturer that produces all the categories of casing products (cellulose, collagen, fibrous and plastic). It controls a network of production sites in Europe, North America, Latin America, Asia and Oceania.

Indra is one of the leading global technology and consulting companies and the technological partner for core business operations of its customers world-wide.

It is a world-leader in providing proprietary solutions in specific segments in Transport and Defence markets, and the leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America through its affiliate Minsait.

International industrial group that supplies components and sub-assemblies for the global automotive market, basing its actions on the use of complementary technologies and various associated processes.

CIE Automotive designs and manufactures components and sub-assemblies globally, in around 100 production sites. Additionally, the Company has developed its expertise know how in various technologies and materials so it can fulfil its customer needs on the most suitable way possible.

Spanish-based international integrated gas and electricity utility company. It operates in over 30 countries, with a strong presence in Spain and Latin America, and is present in both regulated and liberalised businesses.

The Company is the third largest utility in Spain and the largest LNG operator in the Atlantic basin.

Main investment criteria:

Leading companies with a proven competitive advantage and ability to create value in the long term.

Solid shareholders/partners and management teams, friendly to and aligned with Alba’s interests.

Sound and stable financial situation.

Important and growing international exposure.

Lack of competition with companies or businesses of companies already in Alba’s portfolio.

Alba requires having presence in the Board of Directors and is a long term shareholder.

Unlisted equity investments

Over the last years, Corporación Financiera Alba has channelled its investments in private companies via Artá Capital, an investment firm majority owned by Alba (majority shareholder) and the its management team.

Artá Capital manages two investment funds: Artá Capital Fund I (c. 400 M€; in divestment period) and Artá Capital Fund II (c. 400 M€; in investment period). Both vehicles are focused on minority and majority (only Fund II) stakes of growth capital in mid-size Iberian unlisted companies. Alba has committed 500 M€ in total in both funds, while the rest of the capital has been allocated by third party investors.

Nevertheless, in 2019 Alba invested directly in Verisure, the leading provider of monitored alarm solutions for residential households and small businesses, headquartered in Switzerland. As part of its investment strategy, Alba could continue investing in private companies that would not comply with Artá Capital’s investment criteria due to, for instance, the requirement of a too large investment ticket or the company not being headquartered in Spain or Portugal.